In my experience, left (lower numbers) softens the dampers. I say "in my experience" because some other people see it the other way. To me, moving the slider to the left means the dampers are not resisting movement as much, allowing the car to bobble more.
If you're starting from the stock spring rates, you can soften the dampers a little without worrying about it. Over-damped cars are not as bad as under-damped. What you don't want are very stiff springs with weak dampers.
[edit] Latin Drifter, here's my setup for the RGT with race suspension:
Springs: 8.0/14.0
Ride height: 72/76
Bound: 4/7
Rebound: 8/10
The RGT likes to be very stiffly sprung in back to carry the engine's weight. If it is too soft in the back it will not rotate well, particularly under throttle. This setup is pretty crisp and makes the car responsive to throttle adjustments during long turns.
Softening the damper bound allows you to transfer weight quickly, because the dampers are not resisting it as much. However, a stiffer REbound number gets the weight distribution back to normal more quickly. So with this setup, the RGT gets set into a long turn quickly. Then if the car is turning too close in, adding a little gas will transfer weight to the back and allow the front to slip outside a little. If the car is understeering toward the outside, lifting throttle will move weight to the nose and tuck it in tighter.
Camber: 3.6/1.0
Toe: +0.5/-1.0
More camber allows the tires to sit flatter on the road when cornering, which increqases the grip. In this case I added a lot of camber to the front to help the nose really hold on during turns.
+ toe means toe IN, where the front edges of the wheels are pointed towards the middle of the car a little. - means toe OUT, where the front edges are pointed away from each other, towards the outside of the car. In this case, the front toe in helps the front wheels take a tighter line, while the rear toe out helps swing the back of the car to the outside.
Stabilizers: 2/5
The stabilizers, or swaybars, help limit body roll and help equalize the amount of suspension travel that happens from side to side. If stabilizers are too soft the car leans too much and overloads the outside tires and hurts the suspension action. If the stabilizers are too stiff, the suspension can't conform to the road surface as well and traction is hurt as well.
Adjusting the swaybars can help fine-tune the balance of grip between the front and back of the car. In this case, body roll was not a real problem so I softened the front bar to allow a little extra grip. I stiffened the rear bar to actually reduce the rear grip and allow the car to rotate more in turns.